According to the plan, most of the money will go toward water, sewage and road projects.
Last spring, the city saw an increased amount of broken water mains, sinking streets and minor floods.
The city said 75 per cent of funds in the new plan will go toward repairs and the remainder will be focused on new construction. From the repair fund, $1.4 billion will go toward water infrastructure and nearly $700 million will be dedicated to roadwork.
Among other projects, $100 million will be spent to make over the Bonaventure Expressway, bring it down to ground level and create more green space.
The opposition party calls the plan short sighted. Véronique Fournier, a southwest borough councilor for Vision Montréal, said the city needs to focus more on equal distribution of their existing finances to support various boroughs evenly.
The city said work should wrap up in 2015.